AgdaPkt 2007-01-08 - Laserfiche WebLink

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6.1H Page 6 Redwood City to state whether sufficient funds have been collected to complete financing, or to identify the dates of construction or implementation, for each transportation improvement to be funded by impact fees. However, the following ongoing programs, which are funded by transportation impact fees, have already constructed some improvements or conducted operations, sufficient funds have been collected to construct such improvements and/or operate such services for the next several years, and these programs continue to be included in the City's CIP: . Traffic Calming Program . ADA Ramp Program (sidewalk improvements) . Bus Shelter/Bus Stop TurnouVTransit Enhancements Program . Shuttle Bus Services The largest cost individual project in the capital improvement plan, by far, is the Blomquist Avenue Extension Project. When the capital improvemenLplan was formulated in year 2000, the total cost of the Blomquist Extension was estimated at approximately $7.1 million, with 50% of that cost, or approximately $3.55 million, designated for funding by the Transportation Impact Fee program. The source of the remaining 50% of funding for the extension project is contributions conditioned on future development located on the east side of US 101, to address emergency access issues and other circulation deficiencies. A major residential development that would. have provided a, substantial amount of developer funding was rejected by voters in 2004; a reduced-scale residential development on a portion of that site has started the planning and environmental review process. The projected total cost for the Blomquist Extension is now roughly estimated at $10-12 million, requiring a transportation impact fee cqntribution o(approximately $5-6 million. Although the total year-end balance in the Transportation Impact Fee account is $7.3 million and could be committed in its entirety to the Blomquist project, such a commitment would not be in the best interest of the City for the following reasons: . Such a commitment is insufficient to complete the project, and direct contributions from private sector development on the east side of US 101 are intended to complete financing, rather than - expending only public sector funds; . As private sector development on the east side of US 10t has not yet materialized, private sector funding is currently incapable of filling any gap in funding for this project; and . The use of all current funds in the Transportation Impact Fee account for the Blomquist project would negate the possibility of completing any other transportation improvements idi:mtified in the Trahsportation Impact Fee program. While the timeframe for the adjacent property development cannot be predicted with certainty, some development activity is currently anticipated to commence within the next three to five years.